Hennuyeres, (Wallonia, Belgium): iTraceiT, an independent, third-party company specializing in traceability solutions and the creator of the world’s first digital diamond passport, has received a grant of €250,000 from the Walloon government’s investment fund W.IN.G (Wallonia Innovation and Growth). The funding will contribute toward the expansion of iTraceiT’s marketing and sales program and the company’s foothold in India and the USA, two major diamond trading hubs and consumer markets. Later this year, additional funding is expected to establish a research and development team in Belgium.
In early 2023, iTraceiT set a new standard for tracking diamonds with its new smart digital passport based on blockchain and QR codes. Since the beginning of this year, iTraceiT’s passport has proven to be a game-changer in an industry that will continue to see increased sanctions against unethical diamonds. The W.IN.G grant will allow iTraceiT to maintain its leading position in tracking gemstones, precious metals, and finished jewellery.
Willy Borsus, Walloon Minister for the Economy, Foreign Trade, Research and Innovation said, “This is excellent news for this young, fast-growing company. I am glad that through structures like Wallonie Entreprendre or W.IN.G, Wallonia can contribute to developing promising companies like iTraceiT. By investing in this start-up, Wallonia is positioning itself in diamond traceability, a fast-evolving sector.”
Frederik Degryse, iTraceiT’s CEO said, “The diamond industry is evolving at lightning speed. Luxury brands in the diamond and jewellery business aim to offer proof of origin of their diamonds in watches and jewellery by 2025. With the W.IN.G grant, we can achieve that objective.” Guy De Smet, iTraceiT’s Chief Technology Officer said, “Our software is not only applicable to the gemstone, precious metals and finished jewellery sectors. Other industries can use our tracking software, too! Just think of the medical sector or the food industry. There, too, tracing the products’ origin is important. iTraceiT’s software allows different systems to communicate and can be linked to other technologies companies use to trace items. Think of the food sector, where various tracking initiatives exist for a wide range of products and their ingredients. With iTraceiT, supermarkets or catering companies, for example, can track and record all the information for single products or composite products, such as a prepared meal, offering buyers and consumers a secure overview.”